Tatas are waiting for Cyrus Mistry to quit as he continues to be the Chairman of other group companies

Even after Cyrus Mistry was removed as Tata Sons Chairman, he still continues to serve as the Chairman of other Tata Group companies. This is apparently not going well with the conglomerate and hoping he will quit on moral grounds.

Mistry still remains the Chairman of Tata Steel, Tata Motors, Tata Consultancy Services, Indian Hotels, Tata Global Beverages Limited, Tata Chemicals, Tata Industries and Tata Teleservices. He also continues to be a director of Tata Sons and can be removed only by shareholders after being given a due warning. Mistry’s family's Shapoorji Pallonji Group, a construction major, owns nearly a fifth of Tata Sons.

Sources told NDTV, Tata believes that the sacked chairman of Tata Sons, Mistry, will resign from the companies on moral grounds after he made allegations against Tatas, which were called unsubstantiated claims and malicious allegations by the group.

The Group, however, is still signaling that its business is as usual at its peak and they have cracked down a few deals.

"Because of the way things have happened, a lot of it was undesired and that has rankled many investors. Hopefully these are things that will not turn ugly from here and the spat will end sooner than later," K Subramanyam, Co-Head, Equity Advisory, Altamount Capital, told NDTV.

VK Sharma Head of Business, Private Client Group, HDFC Securities, who is an investor in Tata Teleservices, also feels that Mistry should stand down on this one. "It is going to slow down decision-making so I think it would be proper for Mr Mistry to step down as chairman from these companies," he told NDTV.

Mistry, recently spent nearly six hours in the Bombay House, the Tata Headquarter in Mumbai and also chaired the TBGL board meeting.
(image:Indiatimes)